Actually the Fed is audited[1]. It's been done by Deloitte for a while now.

[1] http://www.federalreserve.gov/publications/annual-report/201...

The Fed also releases all of the memos that are used by the FOMC to set monetary policy. It just releases them with a five year lag. It also releases transcripts of all FOMC meetings and conference calls, plus all presentation slides used [1].

It really is quite transparent, and I'd argue that releasing things with a codified lag is a good balance between the need for secrecy and the public's right to know.

You can even see the options for wording of the FOMC's statements, considered to be some of the most sensitive material at the Fed. It's contained in the section of the "Bluebook" produced prior to the FOMC meeting called "Alternative Statement Language". [2]

Source: used to work there and make some of the charts and models that go into those documents.

[1]: http://www.federalreserve.gov/monetarypolicy/fomchistorical2...

[2]: http://www.federalreserve.gov/monetarypolicy/files/FOMC20080..., page 27

That's an audit of the Fed's expenses etc, it's not an audit of it's policy/actions.

Yes, the "audit the Fed" movement is really about increasing the influence of Congress on Fed policy decisions, not financial controls the way we normally think of them.

The Fed was designed to be independent of Congress and the fight over whether that was the right decision is still being waged.

And rrgrr's concern about China overtaking the US will happen shortly after the Fed looses it's independence. The open deliberations of Congress lend little to the fight against special interests subverting common sense.

What do you mean by audit of it's policy? Can you link to a policy audit of any other public institution?

I honestly can not picture what a policy audit of the fed would even look like. What's the deliverable?

What are the rules for a policy audit? Are there universal guidelines we can use to policy audit the decisions made by individual politicians?

I believe certain of its actions are subject to audit by the Office of the Inspector General and others by the OMB. Regardless, your point stands that a comprehensive audit of the Fed's actions is not readily available.